Joint Press Release with
the
Gibraltar Bankers Association
The Financial Services Commission (FSC) and the Gibraltar Bankers'
Association (GBA) welcomes the recent launch by the Citizens Advice Bureau
(CAB) of their debt counselling service.
This service is designed to help those who are faced with debt problems.
It is a free and confidential service which will provide the public with
useful advice on how to resolve such problems, including negotiations with
creditors. Debt can be a major cause of stress and can wreck people's lives.
However, through this approach consumers should be able to restructure their
debt and so regain control and responsibility for their lives.
Mark Dellipiani who is responsible for the FSC's work with the CAB said
"This is an excellent initiative. We hope that credit institutions will draw
the service to the attention of their customers if they believe they might
be getting into difficulties. The earlier people seek the support of this
service the more benefit such counselling is likely to prove."
The GBA and the FSC also take this opportunity to remind the public that
with the increasing ease in obtaining credit the public should give proper
consideration before entering into credit arrangements. Unforeseen
circumstances like for example a rise in interest rates or a reduction
in overtime payments may substantially reduce disposable income.